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Envoy Net Lease JVs with PE Firm on Build-to-Suit Market
Envoy Net Lease Partners, a Northbrook, IL-based capital provider, has formed a joint venture with an undisclosed global private equity firm. The new JV is reportedly among the few involving an institutional investor making a capital commitment to the build-to-suit (BTS) construction lending market.
“By partnering with an institutional investor, Envoy now has ample capital to fund large development pipelines of commercial, industrial and office properties nationwide,” said Ralph N. Cram, president of Envoy.
He said the JV’s focus on unitranche lending, providing a single capital source to the borrower, “is the most efficient and cost-effective way for developers and tenants to finance their multi-property pipelines.”
Under the JV’s terms, Envoy will finance the development of multiple single-tenant net lease properties simultaneously for a single borrower, up to $20 million per property. Envoy expects to originate over $200 million of BTS construction loans in the next two years.
Pictured: Ralph N. Cram.
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